Our October industrial report shows that while port markets continue to lead the nation in rent growth, non-coastal Sunbelt cities are also seeing notable increases. High in-migration and economic growth have driven demand for industrial space in these markets, leading to high gains for in-place rents - Nashville’s rents rose by 8.4% year-over-year, Atlanta’s 8.2%, and Dallas’ 8.1%. 

Key takeaways from the October U.S. industrial report: 

• The national average in-place rent for industrial space in September 2024 was $8.16 per square foot, up 7.1% Y-o-Y 

• The average rate for new leases signed in the last 12 months was $10.36 per square foot, $2.20 more than the average in-place rents 

• 362.6 million square feet of industrial space is under construction, while 283.1 million square feet was completed so far this year 

• Industrial transactions totaled $43.7 billion year to date, with an average sale price of $130 per square foot   

Regional highlights: 

• The Inland Empire saw a 12.1% year-over-year rent surge, followed by Miami (11.2%) and Los Angeles (9.5%)  

• Dallas-Fort Worth led the nation in sales volume, totaling $3.3 billion through September, though sale prices remained slightly below the national average, at $126 per square foot 

• Bridgeport was the tightest industrial market nationwide with a 3.8% vacancy rate as of September 

For more in-depth market insights, including vacancies and asking rates across the top 30 industrial markets, read our report here: www.commercialedge.com